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UTI International, the 100 per cent-owned subsidiary of India's giant UTI Asset Management, has broken fresh ground with a new bond aimed at Indians living in the Middle East.

Consumer confidence in the UAE is the third highest in the South Asia Middle East and Africa (SAMEA), according to a survey by MasterCard International.

Standard Chartered Bank is planning to set up an Islamic finance company.

Applications from 50 international financial services companies are currently being processed by the Dubai Financial Services Authority.

The Initial public offering made by Arab International Logistics Company is said to have been oversubscribed by 80 times.

UAE Exchange has launched UAE Exchange Wallet, the first secure mobile phone-based global money transfer service.

Western Union Financial Services, with 200,000 global agents in more than 190 countries, is exploring possibilities of tying up with post offices in other GCC countries, similar to the agreement it has established with Emirates Post.

The UAE's progress in terms of economic reforms and trade liberalisation has been praised by Robert B. Zoellick, US Trade Representative.

The legal framework allowing non-UAE nationals to own property in Dubai will be established shortly, according to Mohammad Ali Al Hashimi, chief executive officer of Amlak Finance.

A recent survey of fraud in the GCC region by member firms of KPMG, the global network of independent professional services firms, has found that many respondents believed the level of fraud to be either increasing or remaining at the same level in their organisations.

Local and foreign banks 'can gain from greater cooperation'

The shareholders of Emaar Properties who ratified the move to split the nominal value of the company's share from Dh10 to Dh1 at an extraordinary general meeting (EGM) yesterday, also authorised another share buy-back scheme for a maximum of 10 per cent of the shares, subject to necessary approvals.